How NCR Nigeria’s stock gained 220% in nine months
NCR Nigeria Plc started 2025 trading at N5 per share and by October 13 had risen to N16, a 220 percent year-to-date gain, making it one of the top-performing technology stocks on the Nigerian Exchange. The company’s market capitalisation now stands at N1.73 billion, ranking it 137th on the NGX and accounting for 0.18 percent of total equity market value.
The first step in NCR’s progression was a clear increase in revenue. For the six months ended June 30, revenue from contracts with customers rose to N899.68 million, up from N790.93 million in H1 2024. This growth came from the company’s diversified business model, which combines technology solutions with sales and servicing of passenger cars, commercial vehicles, motorcycles, agricultural and construction equipment, and industrial machinery. By generating both upfront sales and recurring service income, NCR broadened its revenue base and strengthened its financial footing.
NCR also improved its operational efficiency. Cost of sales for H1 2025 was N737.75 million, producing a gross profit of N161.93 million compared with a gross loss of N30.13 million in H1 2024. This swing from negative to positive gross profit shows tighter cost control and better margin management. Administrative and distribution expenses totaled N145.96 million, while other income contributed N28.78 million, supporting overall profitability.
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These operational improvements translated directly into the bottom line. NCR posted a profit after tax of N44.67 million for H1 2025, reversing a loss of N1.4 billion in the same period of 2024. Basic earnings per share improved from a loss of N12.96 to a gain of N0.41. Total comprehensive income matched profit after tax at N44.67 million, with no other comprehensive losses reported. This marked the first half-year profit in several periods, signaling a tangible turnaround.
Investors have responded positively to NCR’s operational improvements. Between July 14 and October 13, 70.6 million shares were traded across 671 deals, valued at N1.12 billion, with an average of 1.12 million shares per session.
The highest single-day volume occurred on September 30, when 66.8 million shares changed hands. The stock showed strong performance over multiple periods, including a four-week gain of 5.26 percent, a three-month gain of 167 percent, a six-month gain of 119 percent, a one-year gain of 270 percent, and a year-to-date gain of 220 percent.
As of June 30, total assets stood at N5.35 billion, up from N4.43 billion at the end of 2024. Current assets were N5.25 billion, including cash and cash equivalents of N643.87 million and trade receivables of N4.17 billion, providing liquidity for operations and growth.
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Total liabilities were N10.12 billion, comprising non-current liabilities of N2.58 billion and current liabilities of N7.53 billion. Total equity remained negative at N4.76 billion, reflecting accumulated losses carried forward, but the operational turnaround shows potential to gradually restore equity strength.
Through revenue growth, margin management, and disciplined cost control, NCR Nigeria has demonstrated how a loss-making business can return to profitability while attracting investor confidence.
The combination of operational improvement and market response underscores the company’s ability to navigate a diversified industrial and technology business model, positioning it as a mid-cap technology stock with renewed momentum on the NGX.
